A Pennsylvania Housing Finance Agency study released Tuesday highlights the potential of education and counseling to reduce delinquencies.
Underscoring the need for more homeownership counseling, the study participants generally thought that many residents might avoid foreclosure if they were better educated about default and delinquency prevention.
According to the studys findings,“Too many foreclosed properties remain vacant, […]
Mississippi Attorney General Jim Hood reminds Mississippi homeowners affected by Hurricane Katrina and facing foreclosure that a state law passed in 1980 may offer some protection. The law requires foreclosures to be filed in Chancery Court and allows the Court to delay foreclosure up to 2 years if the homeowner pays a “carrying fee” […]
Freddie Mac is extending measures to suspend foreclosures in areas designated by FEMA as major disaster areas qualifying for individual assistance from Hurricane’s Katrina and Rita. The automatic foreclosure suspension has expired, so borrowers must contact their loan servicer for extended relief. Freddie Mac is waiving documentation requirements on forbearance requests, ordering that delinquencies not […]
Homeowners facing foreclosure have new help available from the Homeownership Preservation Foundation (HPF) and NeighborWorks America. HPF has committed to provide $425,000 in the next twelve months and up to an additional $825,000 over the next two years to fund foreclosure prevention workshops in communities served by NeighborWorks. HPFs toll free foreclosure prevention hotline […]
Borrowers facing or nearing foreclosure should beware of scam artists who may ask them to sign over their properties or put payment money somewhere other than into payments. Foreclosure “help” scams are becoming more and more common as subprime loans expand homeownership into communities where it was not an option before and consumers with […]